Athabasca Oil Corporation Reports Third Quarter 2013 Results

Athabasca has filed its financial statements and management's discussion
and analysis for the three and nine month periods ended September 30,
2013. These documents are available on the Company's website www.atha.com and later this morning from SEDAR www.sedar.com.

Operations Update

Safety in the workplace is a prime focus for Athabasca. The Company is
proud of the continued commitment to safety by its employees and
contractors.

Light Oil
Production in the third quarter averaged 5,826 barrels of oil equivalent
per day (boe/d), within the guidance range previously provided. The
Company made adjustments for prior period accruals, primarily dating
back to February, 2012, resulting in reported production of 5,597
boe/d.

The scheduled shutdown of Keyera's Simonette gas plant for maintenance
and completion of the plant modifications in September lasted 25 days,
five days longer than planned. Athabasca's sour production was brought
back on-line starting on October 1, 2013, with all tied-in wells on
production by mid-October, 2013. Athabasca does not anticipate any
restrictions from Keyera going forward. The Company expects to average
6,500 to 7,000 boe/d in the fourth quarter of 2013.

Athabasca is pleased with the strong performance of its three Duvernay
horizontal wells along with the positive results reported by other
industry operators in the Kaybob region. Athabasca is continuing to
progress its strategy to hold and delineate its Duvernay land position.
The Company currently has two rigs drilling in the Kaybob area,
targeting four horizontal wells in the Duvernay formation. Athabasca is
continuing with a formal joint venture process for its Duvernay
holdings. The Company holds 350,000 acres (net) of liquids-rich
Duvernay potential, including 200,000 high-graded acres (net) near
Kaybob. This high-graded acreage contains greater than 20 meters of
shale pay and lies in the heart of the Duvernay Fairway.

Athabasca has sanctioned a small fourth quarter Montney drilling program
in the Kaybob East area along with additional optimization of existing
wells.

The Company entered into an option agreement with a third party giving
Athabasca the right, at its discretion, to sell up to a 50% interest in
its Kaybob area light oil infrastructure for cash consideration of up
to $145 million. If exercised, the counterparty will have the right to
acquire an equivalent interest in certain infrastructure assets in the
Simonette area (also known as the Saxon area) of northwestern Alberta
for cash consideration of up to an additional $15 million. Athabasca
would remain operator of both the Kaybob and Simonette infrastructure
assets. The option agreement does not prevent Athabasca from including
the infrastructure related to the option agreement as part of a joint
venture, other material transaction involving P&NG rights, or exploring
other avenues to monetize the infrastructure.

Thermal Oil
At the end of September, Athabasca had progressed the first phase of
Hangingstone, a 12,000 barrel per day (bbl/day) steam assisted gravity
drainage (SAGD) project, to 43% completion while remaining on budget
and maintaining its schedule for first steam in the fourth quarter of
2014. Athabasca continued with infrastructure and facilities
construction and commenced with the drilling of its first SAGD wells.

Earthworks are substantially complete and the site construction has
transitioned to pile driving and installing structural foundations.
Module fabrication continues on track and equipment has started to
arrive on site as planned.

SAGD drilling commenced with one rig in August and with a second rig
starting in September. Both rigs are meeting expected cost and schedule
performance. At the end of September, four producer wells had been
drilled. The reservoir quality is in strong conformance with
Athabasca's expectations.

Engineering continues to progress on the Hangingstone expansion.

Corporate Activity

Dover
The Dover Commercial Project (DCP) was approved by the Alberta Energy
Regulatory (AER) on August 6, 2013 and on October 9, 2013 the Alberta
Court of Appeal heard arguments on the Fort Mackay First Nation's
(FMFN) request for the right to appeal the AER approval. On October 18,
2013 the Alberta Court of Appeal issued its decision granting the FMFN
leave to appeal a question of constitutional law arising from the AER
approval. Leave to appeal is not a judgment on merits of the case and
does not impact the validity of the AER approval. The appeal on the
specific question will be heard at a later date, yet to be determined.

The Dover Commercial Project, which is operated by Brion Energy
Corporation (Brion), is a joint venture between Athabasca and Phoenix
Energy Holdings Limited.

"The appeal does not specifically put into question the DCP but rather
focuses on the scope of the AER's jurisdiction to consider
constitutional legal matters. Athabasca continues to support Brion in
its efforts to find a resolution acceptable to all parties," says
Sveinung Svarte, president and CEO. "We will be outlining the various
possible outcomes of this issue during our conference call and I look
forward to discussing this at that time."

Dover West Carbonates
On September 19, 2013 the AER also approved Athabasca's application for
the Thermal Assisted Gravity Drainage (TAGD) Pilot & Demonstration
Project for its Dover West carbonate asset. This Project is designed to
prove the commercial viability of Athabasca's TAGD technology and its
application to the Leduc carbonate formation. Dover West is wholly
owned by Athabasca.

Organizational Changes
The executive operational and development committee (EODC), formed in
May 2013, has completed its mandate.

As previously announced, the Company established the position of chief
operating officer and has appointed Rob Broen to this position.

Funding

Capital expenditures during the third quarter totaled $146 million: $124
million in the Thermal Oil Division and $19 million in the Light Oil
Division with the remainder for corporate assets. Including the
approval of the previously mentioned Duvernay and Montney programs, the
initial 2013 budget of $798 million increases to a forecasted spend of
approximately $835 million (excluding capitalized interest).

At the end of the third quarter of 2013 the Company had $372 million in
cash and cash equivalents and a $200 million line of credit. Athabasca
has the option to exercise the $145 million option to sell a 50%
interest in its Kaybob area light oil infrastructure. With this funding
Athabasca would have the financial capacity to complete Hangingstone
Project 1 and conduct a minimal drilling program in Light Oil.

To the extent that additional sources of funding are realized, the 2014
capital program would be expanded accordingly. The following are
potential options for additional funding and associated capital
expansion:

Exercise the Dover put option at $1,320 million:
Expand Duvernay appraisal and development program, complete front end
engineering of thermal projects that have been applied for
(Hangingstone expansion, Dover West Sands, Dover West Leduc Pilot and
Demonstration).

Realize a joint venture in Athabasca'sDuvernay holdings:
Proceed with Duvernay field development upon completion of the appraisal
program.

Realize a joint venture in Athabasca's Thermal holdings:
Proceed with field development of those thermal assets that would now
have a partner.

Athabasca is investigating other potential sources of funding including,
but not limited to, the issuance of additional debt and/or the sale of
assets. In summary, Athabasca has the capacity to meet current
commitments and will maintain the discipline of ensuring increased
funding capacity before undertaking new spending commitments.

A conference call to discuss the third quarter will be held for the
investment community and media on October 30, 2013 at 7:30 a.m. MT
(9:30 a.m. ET). To participate, please dial 1-888-231-8191 (toll-free
in North America) or 1-647-427-7450 approximately 15 minutes prior to
the conference call. An archived recording of the call will be
available from approximately 12:30 p.m. ET on October 30, 2013 until
midnight on November 13, 2013 by dialing 1-855-859-2056 (toll-free in
North America) or 1-416-849-0833 and entering conference password
71074139.

Athabasca Oil Corporation is a dynamic, Canadian energy company with a
diverse portfolio of thermal and light oil assets. Situated in
Alberta's Western Canadian Sedimentary Basin, the Company has amassed a
significant land base of extensive, high quality resources. With 10.6
billion barrels of bitumen resources (contingent resources, best
estimate) and growing light oil production, Athabasca is positioned to
become a major oil producer. Athabasca's common shares trade on the TSX
under the symbol "ATH". For more information, visit www.atha.com.

Reader Advisory:

This News Release contains forward-looking information that involves
various risks, uncertainties and other factors. All information other
than statements of historical fact is forward-looking information. The
use of any of the words "anticipate," "plan," "continue", "estimate",
"expect", "may", "will", "would", "should", "believe", "predict",
"pursue" and "potential" and similar expressions are intended to
identify forward-looking information. The forward-looking information
is not historical fact, but rather is based on the Company's current
plans, objectives, goals, strategies, estimates, assumptions and
projections about the Company's industry, business and future financial
results. This information involves known and unknown risks,
uncertainties and other factors that may cause actual results or events
to differ materially from those anticipated in such forward-looking
information. No assurance can be given that these expectations will
prove to be correct and such forward-looking information included in
this News Release should not be unduly relied upon. This information
speaks only as of the date of this News Release. In particular, this
News Release may contain forward-looking information pertaining to the
following: the expected timing of the receipt of regulatory approval
for the Dover oil sands project, the exercise of the Dover Put Option
and the receipt of sale proceeds from the sale of the Dover Investment;
the anticipated timing of the completion of the regulatory process in
respect of the Hangingstone expansion; the timing of the construction
of the facilities and infrastructure related to the Hangingstone
projects; estimated production and production goals in respect of the
Company's projects, including the anticipated production capacity of
the Hangingstone projects with the addition of the Hangingstone
expansion; the ability to secure funding for the TAGD Pilot and
Demonstration Project and the timing of the sanctioning and initiation
of that project; the Company's capital expenditure programs; expected
timing of first steam into Hangingstone Project 1; expected timing of
first steam in to Hangingstone Project 1; the estimated quantity of the
Company's Contingent Resources; the Company's drilling plans, in
particular, with respect to the Duvernay and Montney, formations; the
Company's plans for, and results of, exploration and development
activities; the Company's estimated future commitments, including the
take or pay commitments; the Company's business plans; the timing of
the submission of project regulatory applications; the timing for
receipt of regulatory approvals; the sanctioning of projects; the use
of in-situ recovery methods such as SAGD and TAGD for production of
recoverable bitumen; the commercial viability of the TAGD technology;
and Athabasca's plans with respect to the Thermal Oil and Light Oil
assets and the expected benefits to be received by Athabasca from such
assets.

With respect to forward-looking information contained in this News
Release, assumptions have been made regarding, among other things: the
Company's ability to obtain qualified staff and equipment in a timely
and cost-efficient manner; the Company's ability to successfully
complete a joint venture; the regulatory framework governing royalties,
taxes and environmental matters in the jurisdictions in which the
Company conducts and will conduct its business; the applicability of
technologies for the recovery and production of the Company's reserves
and resources; future capital expenditures to be made by the Company;
future sources of funding for the Company's capital programs; the
Company's future debt levels; geological and engineering estimates in
respect of the Company's reserves and resources; the geography of the
areas in which the Company is conducting exploration and development
activities; the impact that the agreements relating to the PetroChina
transaction (the "PetroChina Transaction Agreements") will have on the
Company, including on the Company's financial condition and results of
operations; and the Company's ability to obtain financing on acceptable
terms. The Company has also assumed that the appeal by the Fort McKay
First Nation that is described in the press release that was issued by
Athabasca on October 18, 2013, will not have an impact upon the timing
of the regulatory review/approval process in respect of the Dover
Commercial Project.

Actual results could differ materially from those anticipated in this
forward-looking information as a result of the risk factors set forth
in the Company's most recent Annual Information Form filed on March 28,
2013 ("AIF"), available on SEDAR at www.sedar.com, including, but not limited to: fluctuations in market prices for crude
oil, natural gas and bitumen blend; general economic, market and
business conditions; dependence on Phoenix as the joint venture
participant in the Dover oil sands project; failure to satisfy certain
conditions in connection with the Company's debt and credit facilities;
risk of reassessments of the Company's tax filings by taxation
authorities; variations in foreign exchange and interest rates; factors
affecting potential profitability; factors affecting funding, including
the development of new business opportunities, the availability of
financing, the priorities of the Company and of its current and future
joint venture partners; general economic conditions, uncertainties
inherent in estimating quantities of reserves and resources;
Athabasca's status and stage of development; uncertainties inherent in
SAGD and TAGD; the potential impact of the exercise of the Dover
put/call options on the Company; failure to receive regulatory approval
for the Dover oil sands project, Hangingstone expansion, Dover West
Sands or Dover West Carbonates projects when anticipated or at all;
failure to obtain necessary regulatory approvals for completion of the
Dover put/call option transaction, if any, on the terms and conditions
set forth in the Put/Call Option Agreement; failure to meet development
schedules and potential cost overruns; increases in operating costs
making projects uneconomic; the effect of diluent and natural gas
supply constraints; the potential for adverse consequences in the event
that the Company defaults under certain of the PetroChina Transaction
Agreements; failure to retain key personnel; the substantial capital
requirements of the Company's projects; the need to obtain regulatory
approvals and maintain compliance with regulatory requirements; extent
of, and cost of compliance with, government laws and regulations and
the effect of changes in such laws and regulations from time to time;
changes to royalty regimes; political risks; risks inherent in the
Company's operations, including those related to exploration,
development and production of oil sands, crude oil and natural gas
reserves and resources, including the production of oil sands reserves
and resources using SAGD or TAGD and the production of crude oil and
natural gas using multi-stage fracture and other stimulation
technologies; the potential for management estimates and assumptions to
be inaccurate; long-term reliance on third parties; reliance on third
party infrastructure for project facilities; failure by counterparties
(including without limitation Phoenix) to comply with the terms of
contractual arrangements between the Company and such counterparties;
the potential lack of available drilling equipment and limitations on
access to the Company's assets; Aboriginal claims; claims made in
respect of the Company's operations, properties or assets; the
potential for adverse consequences as a result of the change of control
provisions in the PetroChina Transaction Agreements; competition for,
among other things, capital and export pipeline; the failure of the
Company or the holder of certain licenses or leases to meet specific
requirements of such licenses or leases; risks arising from future
acquisition and joint venture activities; risks that joint venture
arrangements will not perform as expected; and volatility in the market
price of the common shares; . In addition, information and statements
in this News Release relating to "resources" are deemed to be
forward-looking information, as they involve the implied assessment,
based on certain estimates and assumptions, that the reserves and
resources described exist in the quantities predicted or estimated, and
that the reserves and resources described can be profitably produced in
the future. The assumptions relating to the Company's reserves and
resources are contained in the reports of GLJ Petroleum Consultants
Ltd. ("GLJ" or the "GLJ Report") and DeGolyer and MacNaughton Canada
Limited (the "D&M Report") each dated effective December 31, 2012.
The forward-looking information included in this News Release is
expressly qualified by this cautionary statement and is made as of the
date of this News Release. The Company does not undertake any
obligation to publicly update or revise any forward-looking information
except as required by applicable securities laws.

Oil and Gas Information:
"BOEs" may be misleading, particularly if used in isolation. A BOE
conversion ratio of six thousand cubic feet of natural gas to one
barrel of oil equivalent (6 Mcf: 1 bbl) is based on an energy
equivalency conversion method primarily applicable at the burner tip
and does not represent a value equivalency at the wellhead. As the
value ratio between natural gas and crude oil based on the current
prices of natural gas and crude oil is significantly different from the
energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be
misleading as an indication of value.